BayernLB is taking up the role of mandated lead arranger and participating in the refinancing of a 400-MW offshore wind farm operated by Global Tech I Offshore Wind GmbH, whose main shareholders include the Munich utility Stadtwerke München GmbH.
Global Tech I Offshore Wind GmbH is refinancing its loans for its 400-MW offshore wind farm project with a roughly EUR 520 million package plus additional bank guarantees.
“For this financing, BayernLB was newly added to the select group of now eight mandated lead arrangers. This is yet more testimony to our financing skills in a sector which is so key to the future of energy production”, says Christoph Fischer, head of BayernLB’s Global Structured & Trade Finance Division.
Alongside the loan financing, the Bank is also putting up the guarantee required for such projects for the costs of the wind farm’s decommissioning upon expiry of the operation period approved by the governing authorities.
Global Tech I is one of the first far-offshore wind farms ever to be constructed in the German territorial waters of the North Sea. Having gone into operation in 2015 with a total installed capacity of 400 MW, the green powerhouse generates some 1.4 billion kWh of energy a year. This meets the average annual demand in electricity for 450,000 households and avoids around 560,000 tonnes of CO2 emissions.
Global Tech I Offshore Wind GmbH, the company that erected the offshore wind farm Global Tech I, which it also operates, is backed by strong owners that are committed to expanding renewable energy. One of the major shareholders is the utility company Stadtwerke München GmbH (SWM). The Munich energy provider is among the largest of its kind in Germany. SWM is pushing ahead with its renewable-energy expansion programme for heating as well as electricity. Its goal for the latter is to generate by 2025 as much green power as is used throughout the entire city of Munich.